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Us 22, Irs 16, America 11, The Irs 6, Google 6, Nevada 6, Tesla 5, Apple 5, Obama 4, Cisco 4, Brett Baier 4, London 4, Jay Carney 4, Payne 3, John Stossel 3, Warren Buffett 3, United States 3, Macy 3, Ben Bernanke 3, Delta 3,
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  FOX Business    Varney Company    News/Business.  
   Wall Street news. New.  

    May 16, 2013
    9:20 - 11:01am EDT  

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♪ ♪ ♪ ♪ imus in the morning ♪ >> third world, grieves me to say it, but that's how america looks this morning. political intimidation, gross incompetence, threw the
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underlings under the bus. third world. good morning, everyone, the president accepts the resignation of the top guy at the irs. he was leaving next month anyway. we still have no clue who ordered the intimidation of the president's opponents in the middle of an election campaign. thoss benghazi e-mails, they show an administration telling anything, but the truth. why couldn't they just say, this is what happened? and spying on journalists? i don't know, says the attorney general of the united states over and over and over again. third world. but the markets don't care. remember, scandal equals gridlock, equals rally. "varney & company" is about to begin. [ male announcer] surprise -- you're having triplets. [ babies crying ] surprise -- your house was built on an ancient burial ground. [ ghosts moaning ] surprise -- your car needs a new transmission. [ coyote hls ] how about no more surprises?
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now you can get all the online trading tools you need without any surprise fees. ♪ it's not rocket science. it's just common sense. from td ameritrade. it's just common sense. all stations come over to mithis is for real this time. step seven point two one two. rify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet. dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers.
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>> you know why that was not done. there are exceptions to that rule. you i do not know, however, again, mr. chairman, i don't know. i don't know exactly how the irs
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is constructed. i don't, i don't know when the subpoena was issued. well, i don't know precisely. i don't know. i don't know. i don't know the specific questions and again, i don't know what happened. stuart: oh, dear. the i don't know's go on and on and that was the attorney general of the united states of america yesterday. today president obama will respond to some questions when he appears with turkish prime minister at 12 noon, you'll see that live, but here is the real question, in this atmosphere, how much of the obama agenda will get done? we have a senator who will try to refund part of obamacare because of the irs scandal. he's here today and also today. press secretary jay carney, he has to respond to the newly released benghazi e-mail which contradicts the previous statement about the white house role. you'll see that, too. we bring you this scandal coverage because it has an impact on your money. it may look like just politics, but wall street is watching. if the administration is tied up with scandal, it can't get much
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done and that has been good for stocks. right now, the dow rolls onward and upward and that's something else that you will see here. ♪ [ femalannouncer ] from more efficient payments. ♪ to more efficient pick-ups. ♪ wireless is limitless.
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...amelia... neilnd buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billns... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... wee making it.
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[ female announcer ] from meing customer needs... to meeting patient needs... ♪ to wireless is mitless.s... >> it's the kiss of death from
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mr. goldfinger ♪ >> it's irresistible that we use that, but the price of gold is way down today. if you look across all market action, that stands out. gold way down. let' bring in larry levin out there in chicago. and why is gold down so much today, larry? >> well, the trade is not a happening trade. there's a demand in india and china for jewelry, but people like george soros and the hedge funds are out of there, not out of it, but lightning up and-- >> on stocks i've got to get cued up to you. you're one of those guys who kept telling us every day that stocks want to go up. the pressure is for up. and i think it's still there. am i right, larry? >> yeah, actually you and i talked about the reason, the fed not getting out of the way. and the situation where the fed
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is not going to get out of the way, it's going to keep pushing the markets up, you and i talk about it all the time. >> but i still think that scandal equals gridlock and helps stocks, ten seconds, go. [bell ringing] >> i don't agree, i think that the markets are going higher and the feds will deal with it. stuart: you'll never be on the show. thank you, larry. the dow jones industrial average is off and running after another record, it's up at the opening and right at the opening. the futures indicate dead flat, but we've seen that before. 15,270 right now. mov move on to apple. hedge funds, some of them sell their shares, according to filings, george soros has cut his apple holdings. >> nicole, the opening for apple today, please. >> it's interesting, i was trying to figure out whether apple was hot or not.
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and right now you see it's down 1% and i've found a couple of hedge funds managers that were trimming or dumping apple and others who were adding to apple, so, it's interesting, and it's not completely on the outs at all, but you do see it's at 422.60 at the moment. stuart: the hedge fund manager, dan lowe, he bought apple stock in the last quarter and next tuesday, tim cook is going to be appearing before a senate committee on why apple does not pay much income tax in the united states of merc, so that's next tuesday, tim cook on the congressional hot seat. dow industrials down 6, early going. not everybody -- i've got two more big names for you, names you will know. i'm going to start with tesla, follow this stock closely. now the company wants to raise 830 million bucks and do a stock and debt offering. they're going to repay their government loans with interest and i believe they're repaying them early.
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it's up more than 50% in the last week and it's up 10% now, bouncing right back before 90. don't forget google. shares across 900 bucks during the show yesterday. and right now we're the at 919. they've got new music service, new google maps or something is going on there. and they're up at 919 and clayton morris assesses them momentarily. and an economic indicator is wal-mart. disappointing sales and lower profit. you know what it blames? america's tax hikes. how faa down is the stock, if at all, nicole. nicole: 13 negative, and if it weren't for that, the dow would be in the green. they came in with weaker revenue numbers and missed the analysts' estimates and what's interesting about what we saw from macy's and trying to put these together, was yesterday was macy's. they did well, but what we saw
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was that the lower -- the lower end shoppers and the high end shoppers were missing. those were two weak categories. macy's did well because it's the middle group. so, on wal-mart, you can figure they he probably get the lower end shoppers so this is just like what macy's said yesterday. stuart: you're right, nicole, i'm indeed a lower end shopper the at wal-mart. no -- and thank you, nicole. to ed butowsky joining us from dallas. we're asking all about money managers this week and the same question, stocks are rallying, in my opinion, in part because of scandal, creating gridlock, wall street loves gridlock, stocks go up. what do you say? >> well, i'm not going to follow to the same fate of larry and never be back on, i'll agree partially. now what? gridlock is a good thing and especially what is out there is something that can negatively impact the economy and most of what is being proposed these days is not something that's good for the economy. so, that part of it is correct.
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at the same time to add on to that, earnings are what drives stock prices and right now, again, stocks are undervalued, not as much as they used to be because the market moved up, but earnings will continue to drive it and scandal, unless it impacts earnings or interest rates, it's a nonevent to the stock market. stuart: okay, let's suppose that, okay, the dow is up 15,000, are you suggesting that given earnings, the outlook for profits from american corporations, are you suggesting it should be much shall much higher than 15,000? >> yes, look, no one knows when it's going to happen, but if you follow basic fundamental analysis, stocks should be 15% cheaper than now. when that wiil happen? i don't know. stocks move up in anticipation of numbers, if they don't move up, or if earnings don't come in like they're forecasted, then stocks could drop back down. right now, yeah, we should see higher stock prices. >> okay, so, the place to put your money and a lot of people
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watching this program right now, they've got their choice, they can go into gold, housing, stocks, are you saying stocks at this moment, even at these prices, that's the place to be? are you saying that? >> well, that's-- you should always have a broadly diversified portfolio. stocks are inexpensive and i'm personally the fool that bought gold two weeks ago and i'm living with it. i don't have a problem telling you. not everything i do, i thought gold was cheap and thought it would go higher. stock is cheaper and house-- don't put too much in buying the housing and make sure to handle the monthly payments. stay along from long-term interest rate sensitive bonds and stocks, and maybe buy some gold. stuart: to help you out you're saying? >> well, i'm not saying that, but buy a little. stuart: 1375, i think, is the price of gold right now. somewhere around there.
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and what's your target? >> oh, anything above. [laughter] >> honest man, ed butowsky. honest man. good to see you again and we will see you again, by the way. senator rand paul is joining the chorus of lawmakers calling for serious action at the irs. senator paul says, and i'm quoting, someone should be imprisoned, speaker boehner said exactly the same thing yesterday. we're six minutes into the trading session and we are down only 11 points. please remember, everybody, this markets has gone straight up. the dow is at 15,265. and i tell you, straight up. i think yesterday was what, the 19th record or something like that. i mean, endless records, the market just keeps on going up. and that's the other side of the news story. the news story is scandal, and that's the big story, of course, and that dominates the headlines, but the subtext here is stocks keep going up.
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and figure out your password. check your 401(k), you might like what you see. let's go back to scandal in d.c. we go back to the basic question. how much of the president's agenda, how much can he get done in the atmosphere. scandal, crisis and hearings. % and let's go to washington, fox news's brett baier has been out in front of the story and he'll bring us the story at 10:00 eastern. back to the question, will scandal hold the president's agenda? our next guest, he wants to stop funding for the hiring of new irs agents who would enforce obamacaren that would interrupt the agenda. joining us now is senator dean heller, republican from new jersey. i stress the word senator, and-- >> i've got it, stuart. >> and i've got nevada, it's nevada. i'm terribly sorry, sir. sir, can you get any democrat votes in the senate to defund
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irs getting involved in obamacare? >> well, i am hearing a lot of outrage coming from the left for the first time with in administration on some of the issues we've been dealing with the last couple of days. it will be interesting and i just got some data back from the state of nevada and start talking about the scandal going on at the irs and look at the question, do you want to hire 16,000 new irs agents to handle your health care? stuart, i'm telling you right now after everything they've done, and i know you hit this constantly and that's financial security, that's probably the most stressful issue in america today. is financial security. and yet, now we have the agency that probably has more impact on the success of your financial security being one of the most biased and corrupt agencies now in the united states. and it clearly, clearly causes more stress out there with the american people and two-thirds of nevada says let's not hire more irs agents at least until
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we get to the bottom of the problems and issues going on with the irs today. stuart: you're preaching to the choir of course, but let me bring everybody up-to-date on what you're doing here, senator. you're introducing legislatures which specifically says, we're not going to fund the hiring of these irs agents. is that correct? >> that's correct. i will be introducing that legislation either today or tomorrow and sent a letter to secretary sebelius saying, hey, we've got to do this differently or at least let's have the discussion. i always believed, stuart, there was a referendum during the last election talking specifically about obamacare and i was ready to move on, but with the obviously, the new issue that we have today, in light of what we're discussing and dealing with today, i think it's time to revisit this issue in the president's budget he has 440 million dollars, president's budget, to hire 16,000 new irs agents. if you can't trust them to do your taxes, can you trust them to oversee your health care? >> good question. senator dean heller from --
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republican from nevada. i think i've got it this time, sir. apologize for the pronunciation of that. >> thank you. stuart: 7 early movers what have we got. lower profits, cautious forecast from kohl's and better than expected profits at dow component, that would be cisco. 12% up for a stock like that, big gain. same story at footwear company sketchers. they're up 1%, up nicely. profits up 23% of that department store, dillard's, they're up 3%. weaker sales sending jack in the box profits down. and they're down 5%. and moody's citing strong sales of on-line plummeting. that's interesting. s&p cuts ratings on berkshire, that's warren buffett's company citing overdependence on insurance operations, it's down 696 bucks which happens to be 0.4%. and to the big board, oh, it's
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onward and upward just about. we're only down 5 points. every day this week we've opened lower and last two days opened lower and moved nicely higher. not bad. up next, had a member of congress who says no problem, let the irs police obamacare, what's with that? but first, this, tornados hit north texas overnight, and six people killed, at least six. fist-sized hail, one tornado reported to be at least a mile wide. homes flattened. just look at this. (siren sounding) clients are always learning more to make their money do more. (ann) to help me plan my next move, i take scottrade's free, in-branch seminars...
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>> on this program we've had a senator and someone from congress, from the house of representatives, both of them say, get the irs out of obamacare. ww do not want them policing obamacare. and well, joining us now is congressman ron kind a democrat and you're okay with funding irs to hiring new irs agents to police obamacare, air okay with it, sir? >> first, stuart, number hired has been greatly exaggerated here, listen tomorrow we're going to have a hearing at the ways and means committee to get into the details what happened at the irs, especially that division reviewing the tax exempt status. it's outrageous and inexcusable coming out of the irs. stuart: and that's the-- >> that's not the entire agents. stuart: will you vote to cut funding to hire irs agents to fund obamacare. >> anybody who doesn't want the
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affordable care acts won't want to fund it and-- uart: you'll vote to have the irs police obamacare, your he comfortable with this. >> this is what the irs will be doing, finding out what small businesses are eligible for tax credits for the health insurance, who can be against that. stuart: wait, wait, they will be asking me, the individual, where is your health care, what policy have you got. that's what they're going to ask me. >> there is an individual responsibility that all americans should obtain health care in their lives, the cost isn't shifted on to other people, and the irs will be the ones that they'll submit the form to, it will be very simple, very painless and again, if you oppose the affordable care act, you're looking for any excuse to try to undermine it and that's what's going on here. stuart: congressman, there's something else involved here. at precisely the same time doctors are going to put my personal medical history, my
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entire history, they're going to put that on-line, electronic ng yes, they are, sir. that is part of obamacare, that is part of obamacare. >> stuart. stuart: and you're asking me to believe-- >> there are private guarantees for individuals and your medical records, that's not changing under the the affordable care. stuart: i thought we had privacy guaranteed for individuals and their politics. >> we're having a hearing, and it's outrageous, the information out of the irs. and i'm happy the president accepted miller's resignation and we have to find out, it gets to the heart of our democracy and people need to have confidence that the revenue collection agency in our government is above bias, completely impartial in the administration of their duties. that clearly has not happened now with the tax exempt-- >> you trust the administration, you trust the irs from here on out that they will observe the privacy of my personal health records, which will be
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computerized and which the irs will have access to? you trust them? >> stuart, that is not what's going to happen under the affordable care act. i woold recommend you go back and review the information. stuart: how do you know that, how do you know? what guarantees can you offer your constituents that the irs will never ever look at their personal medical history? >> well, stuart, they are tasked to do this already. and what i know coming out of the irs, the vast majority of what happens there, they're not engaged in any type of nefarious practice. now, we've got a situation tht tax exempt division that requires an investigation, see if there's any criminal intent involved we're going to get into that, but to cast apersian on the entire agency is unfair to the employees that work in the irs. stuart: congressman, you trust them. i'm he not sure i do personally. i'm not sure our viewers do.
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>> trust, but verify, stuart, the only way you can run the government. stuart: congressman, we appreciate you being part of the debate. thank you. almost 9:50, i'm a bit late today. the gold report shows this down, 13-- i'm sorry, $17 lower, $1300 per ounce. that is the price. we're down. and he's big government, big spending president and that's what he is. and he's not backing down despite the scandal at the irs, next, more revelations at the irs, including bonuses and political donations from irs personnel. charles payne is here, and he's as fired up as the rest ofs us. ♪
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>> inexcusable and americans are right to be angry about it and i am angry about it. i will not tolerate this kind of behavior in any agency, but especially in the irs given the power that it has aad the reach that it has into all of our lives. >> everybody, you heard the president, outraged over the behavior at the irs, but irs employees support this president big time. during last year's election, irs
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employees donated to president obama's campaign over mitt romney's for a ratio more nan 2-1, 48,000 obama and 28,000 romney and more, apparently the irs executive at the head of the scandal received $42,000 worth of bonuses over a three-year period. charles payne is here, go. charles: it's hard to say which is more egregious, no matter what anybody says, it doesn't matter who was appointed by which president, the employees want to president the president and the president made it clear, his disdain for the tea party and other groups like them and i think they were acting on his behalf, whether directly or trying to just at least please the white house. stuart: i think you're right. by the way, warren buffett bets big on a stock that charles payne recommended first right here on "varney & company," and it's a big win, we'll cover it next, plus, a new hour of scandal breakdown and analysis, judge napolitano is fired up with the culture of lies throughout the government. and brett baier is here to talk
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about the accountability factor. welcome to the third world, that's my editorial. everybody, under the bus. i'm so glad you called. thank you.
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we're not in london, are we? no. why? apparently my debit card is. what? i know. don't worry, we have cancelled your old card. great. thank you. in addition to us monitoring your accounts for unusual activity, you could also set up free account alerts. okay. [ female announcer ] at wells fargo we're working around the clock to help protect your money and financial information. here's your temporary card. weome ck. how was london? [ female announcer ] when people talk, great things happen. stuart: thursday, may 16. a day dominated by scandal, again. a failure to the open, honest and tell the truth. the president takes questions and jay carney tries to set the
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record straight. how much of the president's agenda actually it's done. we have an app that tells you how to boycott a company or a product that you may not like. ward buffett buys a pain tape. yes, wall street still loves scandal which reduces block. ♪ stuart: another day of scandal. probably gridlock. stocks well. look at that. they just went up a little more. gold is way down. nothing to do with scandal there. that is supply and demand. warren buffett putting money into a stock that charles brought you first on this program. chicago bridge and iron. take your bow, charles, and make
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it quick. charles: the global economy sucking up all the energy. those giant projects, those will die, billion-dollar projects, that is what they did. stuart: have to get back to the scandals in washington. the common threat to all of these scandals seems to be this. the federal government is incapable of telling the truth. all rise, judge andrew napolitano is here. >> it is really very troubling. i think this started a couple of weeks ago when the president said in his speech to the graduates at ohio state university, trust us. disregard the people who tell you that the tyrant is around
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the corner, they do not know what they are talking about. the tire it is an irs that makes decisions based on politics. a tyrant is the state department and the cia conspiring to lie and hide the truth. not for national security purposes which may be arguable. that is the tyrant that is around the corner. stuart: you were on fox news last night. you are on for an hour. what do you make of the president's statement last night. what will it do for his political position? >> i do not think it will do anything. last night i called it a band-aid. this morning, i have learned,
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his term was over next month anyway. this is absolutely nothing. stuart: unicef, last night, the president says he wants accountability. he wants to get to the bottom of this. you say, no, you cannot do that unless you have a special prosecutor. >> yes. i appreciate you raising that. first, the president had eric holder say the justice department would investigate the irs. then they changed it to the treasury department. they do not have the power to indict. they do not have the tools that the department of justice has. the department of justice is conflicted because we know it is the department of political justice.
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what they did was they cannot be trusted to do something and search for the truth no matter where it leads. the power to summon a grand jury. the power to seek indictments. the power to compel testimony. you forced, i will make up a name, tea party patriots to give you five times as many documents as were necessary. did somebody asked you to do that. we need you to testify against somebody else because we have to know how far up the food chain this went. the irs abusing its power to wreck the lives of taxpayers is the opposite of what we have hired the irs to do. stuart: i am a newcomer to america and i expected better than this.
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when i see an arm of the government interfering in a presidential election, to the day advantage of the sitting president, that to me is third world. >> doesn't the american public deserve the truth? shouldn't they have decided between mitt romney and barack obama by knowing the truth? for that reason, high-level government officials conspired to lie. the president lied in his un speech and secretary rice lied when she went on the talk shows, including our own with chris wallace. the american public was diluted into thinking something else. we did not know the truth until after election day.
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terrific performance last night. i want to go to peter barnes. i want you to set the scene for us, please. tell us what to expect. >> they will get to questions each. the american press corps and the turkish press corps. reporters here will have the opportunity to fire to questions about the president. the questions will most likely be about the irs controversy, the benghazi situation. stuart, forgive me, i do not think the president will get any questions about turkey, but the reporters will try to get him to talk turkey.
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stuart: i think the president will stress what he is doing in the future, not the truth of what happened in the past. that is my interpretation. i also think that the president will run out the clock. peter, i know you will be watching for us and we will see you later when that press conference arrives. peter: you bet. soccer star david beckham, he says he will retire from professional soccer at the end of this season. multiple sources reporting that. we have all the angles covered for you. scandal at the white house, the mainstream media turning on jay carney. can president obama recover and get his agenda back on track? we will ask a top pr professional. is this a pr matter? to local pet -- two nicole
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petallides. nicole: today has a winning day. up about 5%. they will also be raising some capital. they plan to repay the u.s. department of energy. $830 million. do not forget, tesla posted its first ever quarterly profit and got a near-perfect score on reports. stuart: charles, you have to be loving elon musk. charles: i think everybody does. before the close here, i featured the stock. we took profits on it. i love elon musk. it has nothing to do with him. in 2008, the company was on the
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brink. he had about 20 million in cash and threw it back into the company and said he was doubling down. this is what entrepreneurs do. they go out there, they go out on a limb and they make things happen. the last thing they should ever be is demonized. they are better at this than the government is. charles: c fisker, see tesla. stuart: congratulations. this has been my hardest. stuart: i want to get to google. that stock way above $900. there were two announcements there. a subscription using service and a new look for google maps. here is our technology guru. first of all, the new music service, is it that big of a
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deal? it depends on the ecosystem that you live in. would you jump ship from spot if i? no. i am waiting to see what apple does with itunes. it only works on android devices right now and your home computer. that leaves all apple devices out, all windows phone devices out. if you are an android guy, this would be a good service for you. stuart: google maps. i cannot believe that is enough to move a stock. >> it is not just the surface and the beauty of it. wear long time, i thought it needed a refresh.
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it is all about these big photos and features. when you want to see that big restaurant, there is a big photo there. it makes it very easy. google's feature is all about google now. it is fantastic. it will be, perhaps, i think, one of the biggest pieces of competition against apple. it really is there sort of stake in the earth. it knows you. it knows what you want now. if i have a dinner reservation later this evening, a crosstown or i have bought movie tickets across town and i do a map search for dinner, it will give me suggestions based on where i am going later as opposed to where i am right at this minute. i want to take a flight and google maps just pops up with your flight info
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wording passed before you even have to ask for it. if you can have targeted advertising about things that i already want, that is a gold mine. stuart: it makes money by charging for apps. they are paying for that high-profile portion of your google maps. stuart: it sounds like to me that you are telling me that google will get inside of my head. >> if they know you love this type of movie or you are booking a trip to phoenix, they are showing you boarding passes to
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your trip to phoenix before you think about it, they are showing movies, they are telling you the weather. interview start using google now, it is really cool. stuart: we are kind of chicago kind of guys. [ laughter ] we are not sure about google now. >> that is the future of search. stuart: thank you, sir. he has been out on this story all week. scandal week at the white house. trent eight is here. we have the latest and his reaction to this after the break. >> it is inexcusable and americans have the right to be angry about it and i am angry about it. i will not tolerate this behavior in any agency, but especially the irs.
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delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it. ♪ >> walmart, cooler weather, less groceries, inflation, the increase in the payroll tax, that is why a reported disappointing sales. walmart down 2%. google, still above $900 a
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share. down a little bit today, though. the company released a slew of new products and updates yesterday. maybe some investors are selling on that news. dillards, the department store, the stock is up 3%. tesla wants to raise $800 million. it will be used to repay government loans early with interest. charles loves it. tesla at 89. brett baier is here. he is next. ♪
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siemens. answers. ♪ stuart: the scandals may be derailing at least some of the president's agenda. i am being very strong here in editorializing. i am saying that america looks third world -ish. joining us now is brett -- brett baier. in my opinion, it looks third world with this irs scandal. am i going too far? >> well, stuart, i, you know, i report what i know. a lot of people are saying that. i do not think it is too far to
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say that people here in washington, on both sides of the aisle are up in arms about this irs scandal in particular and the fact that the president yesterday and this is a fact, came out and expressed outrage at this news conference. he said that he was going to take action and he asked secretary jack lew to request, he said and then he said except the resignationnof the acting irs commissioner stephen miller. the problem was that stephen miller was set to leave that post in early june. he was set to leave the irs completely in the next couple of months. i talked to an official very close to miller last night. that is a fact. that is just another wrinkle to this whole thing that just adds to the temperature going up on
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both sides of the aisle. >> at the end of last night news conference, i still do not know who ordered this probe of conservatives. i do not know how far it goes and i am not so sure that the president will actually find out. you have to have a special prosecutor who can subpoena. who can demand answers. i think that there will be a call for a special prosecutor pretty quickly. you have the department of justice who is already embroiled in defending itself in this ap investigation and trying to defend and explain what happened with the broad back that it sent out in this investigation that deals with a leak investigation.
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you have, you know, the situation with the irs and the new habit than gauzy gauzy situation. all three of these things do not lend themselves to a confidence on either side of the house or senate that the administration can somehow affectively investigate itself. stuart: we are very interested in how far this scandal impedes the president's agenda. do you think that the scandal, the intensity of the investigations and all the rest of it, does that reach the level where the agenda is seriously interrupted? >> i think the president was having a hard time breaking through anyway. i think he was having a hard time getting through and making his points on various issues, regarding the budget, regarding
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immigration, regarding a bunch of different fronts. i think this will make it even more difficult and the administration's wish list, i think, will go by the wayside. they will have to succumb to whatever comes out of congress and kind of weigh in on that. i do think that there will be a push by the administration to get back in, but it will be very difficult in this environment. any chance that the implementation of obamacare could be delayed because of these scandals. >> i think there will be a major effort to cut back the irs. once you do that, you know it takes a major part of the implementation of obamacare. they have tied thousands of agents to how obamacare is going to work. i think republicans will go to to the heart of that.
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once they do that, in this environment, it will be very attractive on both sides. if they get that through, you will see that being much more effective than anyone appeal. stuart: the republican from nevada was on this program maybe 40 minutes ago introducing legislation. >> that is how they will put the spike in. make sure you watch him. special report every day on the fox news channel. don't like the coke brothers, there is an app for that. next, the person who is behind the app. watch this. my mantra?
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how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're ling longer, one thing that hasn't changed much is the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪
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stuart: check the market in the midst of scandal, who cares? the dow was down 7, 15267. let's look at cisco. it is up huge. it was a door stop and now is not. >> 19 positive dow points. you can add that to the dow when he is a 12%, they came out with
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their quarterly report "after the bell" yesterday and we saw them beat the street on earnings per share and revenue and analysts jumping on board talking positively about the man as a new high in 2010. don: stuart: i take back everything i ever said about cisco. give me 10% in one day, i will take it. thanks very much indeed. there's one person on this program who is consistently made money for those who follow his device, his name is charles payne, you know him well. he will make more money for you now because he has a new stock he is looking at. charles: fingers crossed. with cisco, a great example of companies finally reinventing itself. data centers, revenue up 77%, video up 30%, wireless of 27%, getting away from the pc centric network kind of thing they were in, lesson for a lot of these lumbering giants out there.
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stuart: let's invite john chambers on the show. why not? bring the man on. charles: back in the day he was chief excitement officer and these days -- stuart: when he did give a fund-raiser in his home head -- for barbara boxer. was it by an? charles: drive folks shippers, i like the risk reward here. break out close above $11.20 and the stock could be off to the races. four areas of the giant ships the transport things around world, and the size trending higher, there was a smaller rival with great earnings, this stock through even 20 and will take off big time. stuart: we don't give you have enough credit for stocks recommended. they have done remarkably well. charles: viewers are doing -- when i say some of them too many times people take a flyer on a stock.
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that is when you turn into a casino. stuart: just got to keep it up. we talk a lot about the koch brothers and the fuehrer of a possible, repeat possible looking at the los angeles times to buy it. a new apps could help the protesters you saw take the and outrageous that for the. allows you to sweet bar code of different products and the apps will tell you which company or money is going to. the person behind the apps is darcy burner and she joins us now. welcome to the program. i want to make sure i got this right. you have an apps, i have a product i want to buy, i swiped the bar code on the product through your apps and it says don't buy that because the koch brothers are connected to it. is that how it works? >> almost. what is you care about, based on what you care about it will tell
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you whether the product you are about to buy matches your values whenever those values might be. stuart: i could be a conservative and swiped through a product and it would tell me if the left is involved in that product. >> exactly right. stuart: a personalized boycott if i could put it like that. >> it is actually called buyc t buycott, it can decide positive things to buy. for example you like little league sports and you are looking at yogurt and it turned out stoney field support and you want to buy the sony field yogurt in this apps gives you an opportunity to make that decision. charles: do you think people ultimately are going to make decisions on what they like, not the best tasting yogurt but the yogurt that supports little league baseball but not the one i really want which is my favorite? >> if you really want a
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particular yogurt by all means get it but free markets work best when people have more information what they are buying. when you are in the paper towel aisle which set of paper towels you want to buy, i don't think people have that strong a preference most of the time and other information about the paper towels or the companies that make them that help you make the best decision for you. stuart: i thought you were just a left winger when we ask you on a program that you can be equal opportunity boycott, that is excellent. that really is. straight down the middle if you want to be straight down the middle. out of time. >> i want people to make better choices. peter: when you use to work for microsoft. >> i did. stuart: great company. >> yes. i am very fond of microsoft. stuart: so my. i own that stock. we want to see again. great stuff, we appreciate it. hits keep coming for the
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president, scandal that the irs, eric holder under fire, can the administration recover or is the president's agenda dead for the next three years? we discuss it next. this is america. we don't let frequent heartburn come between us and what we love. so if you're one of them people who gets heartburn and then treats day afr day... block the acid with prilosec otc
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stuart: scandal big time.
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the irs targeting conservative groups, department of justice seizing phone records from journalists, the its keep coming. can the administration make a come back from this? government crisis control expert and co-founder of 157.com is with us. i got to tell you i don't think pr can fix the president's scandal problems. are you going to tell me that pr can? >> they can do the are a lot better than they have been doing it. in 15 seconds we teach clients to respond quickly and aggressively when they're in a crisis situation and the administration has definitely not done that. stuart: look at last night. the president comes on and says i am firing of the top guy of the irs who was going to leave anyway. i will get to the bottom of will have accountability. i don't think that made it. that is not a come back.
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>> something like that should have been said much sooner than that. looking at documents that released in the benghazi situation. a hundred pages of e-mails, on those hundred pages there's not a word that couldn't have been and should have been released months ago but because they're slow on the uptake, they were overwhelmed by the prices. stuart: you are principal adviser to the president. what do you have time to do now? >> one thing is to lower the anger coming from the white house. they shouldn't be picking on those people pointing out those problems, should have the attorney general fighting with a congressman at the hearing accusing republicans of going after them for partisan reasons. even if the republicans are it doesn't do the many good. you need to lower the heat and change the personalities. i don't think the attorney general is doing them any good. he has been -- they ought to encourage him to do so.
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even jay carney, white house spokesman mike want to think about letting him take that msn b.c. job which inevitably is in the future, they need to change the atmosphere in order to convince people things are changing at the white house. stuart: lower the temperature and get out from this thing. very good stuff, appreciate you being with us. twice the party of government won the presidency, twice the electorate voted to make government the agent of change. how does it turn out? here's my take on all government all the time, barack obama four-1/2 using with three-1/2 to go. to be clear and provocative government is not the american way. i am an immigrant but i think i understand what makes america take. americans want government that arm's length. every year government is not like or trust it.
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after all these years of more and more government is obvious the distrust was justified. the ira scandal is a clear example of government as coercive, intrusive and intimidating. everything is supposed to be not. to introduce into a presidential election to the benefit of president obama that is the worst example of government abuse in a generation in my opinion. i will say again what the irs did make america look third world. then there is the inherent bureaucratic nature of government. obamacare is a classic example. this president believes government can deliver a better health system. how is that turning out? america right the bureaucracy, you enjoy a visit to motor vehicles. don't forget government is wildly irresponsible with your money and in the obama years the tax money taken off you has risen to record high and our debt has gone up by $6 trillion. what a financial mess.
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you are paying the price for this government. the trifecta scandal is giving our country second thoughts. obamacare, tax-and-spend policies may not see the light of day, there will be a hard time winning, here is my bottom line. if you want to return america to the way it was and ought to be we will reject all government all-time and reverse this president's government agenda. [ babies crying ] surprise -- your house was built on an ancient burial ground. [ ghosts moaning ] surprise -- your car needs a new transmission. [ coyote howls ] now you can get all the online trading tools you need without any surprise fees. ♪ it's not rocket science.
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one line, infinite possibilities. stuart: national average for regular is $3.60, an interesting milestone. check the price of oil down to 94 barrel, 361 yes. how about that. the latest 3 on freddie mac's 30 year fixed-rate mortgage, 3.1%, extremely low, a put fraction. look at the big board, turned negative after a bad report from the philly fed, now is down ten points and a 15,000 index. apple announced fifty billion apps have been downloaded from the apps store. customers are downloading 800 apps per second. for of course, the top 2 man
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announced he would retire from professional soccer at the end of the season. up until now it is the right time to finish my career, a highest level with a lot of money.
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thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with tha you're history. instead of looking behind... delta is looking beyond. 80 thousand us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it. stuart: using the breaking news logo in a tongue-in-cheek manner, the white house confirms president obama plans to appoint a new irs commissioner. and to resign, president obama will answer some questions about
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two, at noon eastern today and you will see it here. but jury on "varney and company," harry winston painted a record $26 million, and the pear shaped 101 carrots don't, the largest colorless diamonds to appear at auction, if you ask me it comes rather close second. three examples of government regulation hurting the little guy, you heard the mall on "varney and company" this week. kevin money, government trying to regulators leister farm, brownie points, government tried to tax her online sales really hurting her and number 3, the government trying -- in north carolina bidding the sale of tesla cars in that state. the kind of theme that john stossel comes up with on his show and joins us right now. what were you saying during the
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break? john: i am sick of all the scandal coverage, who should be fired,,who should be jailed, how are we going to fix this, we can't fix it when government is that big. if you have a million government employees, thousands of low-level ones, some of them will be tyrants who will wreck people's live in tiny ways, drag things out, torture people, until we have limited government we can't fix it. >> don't disagree with limited government but the argument isn't some tiny bureaucrat in of corner somewhere, what are the marching orders on high and are they carrying out those marching orders? >> we have that investigation and if somebody give a marching order they should be punished. that is rarely the case, the real abuses of government, the examples you give, the little guys can't defend themselves or start the business because the application process takes three
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years. stuart: what you want to do is stripped-down government to its central core, what is the central core of government? john: defense and pollution control, taxes are 2% year and the irs doesn't decide who is tax-exempt because of it decays. stuart: you have to have some degree of regulation, don't you? john: environmental regulation. stuart: level playing field for everybody. john: competition is the best regulator. stuart: when you allow drugs which may be dangerous to get on the market? john: yes. they get on the market now when they are illegally. we can't keep the not of prisons. stuart: when you can't win that argument because most americans -- john: even though your too dents to get it. stuart: not too, i'd get it just and you are unrealistic. john: so i have been told all my career but we're getting closer as people see the constant abuses by government on every level. stuart: did they tell you that
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at abc? did they stay john stossel your totally unrealistic? john: yes. predictable libertarian unrealistic dogma. stuart: then did they say get out of here? john: we don't want to put that on any more. stuart: what is on your show tonight? john: these examples and wonderful business as the sneak around regulations so yyu can read your room and your apartment and a tourist makes the money and they stay cheaper or get a cheaper -- people using their own cars. stuart: is that legal? john: your beloved government -- charles: can't be legal in new york. john: those go $4 million apiece. john: these cougar cars are a competition where you call one on your cellphone and they are free. stuart: is that legal? john: so far and cheaper ones where people use their own car.
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the government just cracked down on you. john: today? stuart: the government closed the largest bit:exchange. charles: the cftc wants to regulate it. that disproves your point. they see a legitimate threat and going after this threat. john: whenever i buy something government -- stuart: exactly. what time are you on this? john: 9:00. stuart: what is the name of the show? john: stossel. stuart: i once misnamed it. john stossel, thank you, see you at 9:00 tonight. venezuela is without hugo and they don't have any toilet paper. apparently there is some connection. we will discuss it. jackson pollock painting sold for million that auction and charles saw it coming. both those stories are next. charles: monday.
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stuart: pigman, serious money changing hands at the auction house. it all went in a couple hours. it included a record $58 million for this jackson pollock drip painting the. i want to know what is going
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gone. whether that is art or not, that is not the point. something is happening here where all this money is pouring into art. i want you to tell me what is going on. charles: this is the ben bernanke play. we talk about ben bernanke's influence in real-estate and stock market every day. this is the ben bernanke play of the moment. people are looking for stores and value. it is something that will be worth a lot of money went to the real inflation scare we are talking about finally hits. stuart: over a long period of time, the price of art, the value of art goes up if you pick the right thing. you went there. charles: just absolutely phenomenal, there was a piece i liked that set a record, $45 million, the same penny, i know you appreciate that -- stuart: kind of bought it and i
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would like to profit. hugo chavez toilet paper, what could they have? that is next. a simple questn: how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and th's a great thing. but even though we're living longer, one thing that hasn't changed much is the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪ given way to sleeping. tossing and turning have to enjoy all of these years. where sleepless nights yield to restful sleep, and lunesta eszopiclone can help you get there, like it has for so many people before. do not take lunesta if you are allergic to anything in it. when taking lunesta, don't drive or operate machinery until you feel fully awake. walking, eating, driving or engaging in other activities while asleep without membering it the next day
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>> vens way lay is running out of toilet paper, one the most basic of all necessities. the government has to import 50 million rolls of toilet paper to boost supplies. you can joke about it, but it's serious. it's a whole country running to the ground by socialism. >> into the ground. what happened once chavez took over the country that was growing, they have more natural resources than nip, you know, but they took over private industry and scared off foreign investment. this is what you have left, importing 760,000 pown of food. i mean, it's just amazing what the natural resouuces and wealth within the country and wrecked
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under a socialist regime. >> yet because he said i'm going to spread the wealth so everybody takes part in it, that's why sean penn loved him, dapny loved the guy, everything's fine as long as you say the right thing, you're helping the poor, even though row are ruining them, that's okay with the far left. >> the way he cut off the west. you know, stole assets, i mean, they can't get replacement parts for oil refineries and things like that. by the way, he fancies himself to be the modern day, you know, come in, and people forget he was eventually overthrown of 12 years of rule. the people in venezuela have to be tired of this. really, imagine when you don't have toilet paper today. >> a free election? >> never if there's ever really change, there's violent change, an arab spring-like thing, but it has to come. if you meet venezuelans in america, they know the real deal.
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>> why they are here. thank you. it's yours. connell: that's the best you can do? venezuela runs out of the toilet paper? great imus experience this morning. dagen: stop sucking up. >> his weekend plans, if you didn't see it, go online and watch it. i'm connell. dagen: who did it? the president jetsons the acting irs commissioner, but the concern is who made the call at the irs to go after those conservative groups? more republicans are saying they want someone to serve time over this. connell: wal-mart sales down, unemployment lines growing faster than expected, and the debate on where the economy is really headed. >> rising cost of natural disasters like the deadly tornadoes in texas. those stories and, oh, so much more coming up on "markets now."

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